LIBOR Update – who will be next? – Dyers Chambers

On 20th June 2013, Tom Hayes, a former trader with UBS, appeared before Westminster Magistrates Court charged with eight counts of fraud. He is the first individual to be prosecuted as a result of the SFO’s investigation into the LIBOR scandal. Peter Caldwell reviews the background to the investigation and examines the challenges that lie ahead for the Serious Fraud Office.

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Dyers Chambers, 11th July 2013

Source: www.dyerschambers.com

“All Money” Guarantees Mean What They Say – Littleton Chambers

Posted July 31st, 2013 in banking, contracts, guarantees, interpretation, news, vicarious liability by sally

“On 9 July I looked at a Court of Appeal decision which showed that it remained arguable that a change in the arrangements between a creditor and the principal debtor might so alter the subject matter of what was guaranteed as to discharge the guarantor. This week comes a timely reminder that the first and fundamental step is to construe the contract to see what obligations are covered by the guarantee.”

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Littleton Chambers, 19th July 2013

Source: www.littletonchambers.com

Sentencing in Serious and Complex Frauds – Dyers Chambers

Posted July 31st, 2013 in banking, commercial agents, conspiracy, criminal justice, fraud, news, sentencing by sally

“Giles Bedloe, who acted as junior counsel in SFO v Williams reviews the recent statements of the Court of Appeal in Attorney General’s Reference Nos. 7 & 8 of 2012 and R v Levene [2013] EWCA 709.”

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Dyers Chambers, 11th July 2013

Source: www.dyerschambers.com

JSC BTA Bank v Ablyazov (No 10) – WLR Daily

Posted July 29th, 2013 in banking, disclosure, fraud, freezing injunctions, law reports, loans, news by sally

JSC BTA Bank v Ablyazov (No 10) [2013] EWCA Civ 928; [2013] WLR (D) 305

“In determining the meaning of the term ‘assets’ in a freezing order, account should be taken, as part of the background and context of such orders, of their purpose, in the way that anyone construing any document should take account of the background of it. Where the words used clearly and unequivocally led to the conclusion that the term ‘asset’ included that which could not be the subject of execution, effect must be given to the words. Where they did not, the purpose of such orders would be a significant factor in determining the meaning of the term ‘asset’ in that context and a pointer against including the particular right under consideration.”

WLR Daily, 25th July 2013

Source: www.iclr.co.uk

Tchenguiz and another v Director of the Serious Fraud Office (Deutsche Bank AG, third party); Rawlinson & Hunter Trustees SA and others v Director of the Serious Fraud Office (Deutsche Bank AG, third party) – WLR Daily

Tchenguiz and another v Director of the Serious Fraud Office (Deutsche Bank AG, third party); Rawlinson & Hunter Trustees SA and others v Director of the Serious Fraud Office (Deutsche Bank AG, third party) [2013] EWHC 2128 (QB); [2013] WLR (D) 302

“The Criminal Justice Act 1987 did not prevent the Serious Fraud Office from disclosing, pursuant to a court order in civil proceedings, documents which in the course of an investigation had been provided to it by third parties in response to notices under section 2 of the Act.”

WLR Daily, 18th July 2013

Source: www.iclr.co.uk

RBS hit with £5.6m fine over reporting failures – Daily Telegraph

Posted July 24th, 2013 in banking, financial regulation, fines, news by sally

“Royal Bank of Scotland has been fined £5.6m by British regulators after it was  found to have incorrectly reported or altogether forgotten to disclose details  of more than a third of the trades handled by its investment banking arm.”

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Daily Telegraph, 24th July 2013

Source: www.telegraph.co.uk

Corporate Crime Review – Dyers Chambers

Posted July 19th, 2013 in banking, company law, crime, financial regulation, fraud, interest, news, sentencing by sally

“Members of Dyers Chambers review developments across the spectrum of corporate crime and financial regulation, including updates on LIBOR, Sanctions, DPAs and Fraud Sentencing.”

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Dyers Chambers, 11th July 2013

Source: www.dyerschambers.com

Government backs jailing reckless bankers – BBC News

Posted July 9th, 2013 in banking, bills, crime, misfeasance, news, penalties, reports by sally

“The government has said it will support most of the recommendations produced by the Parliamentary Commission for Banking Standards.”

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BBC News, 8th July 2013

Source: www.bbc.co.uk

Woman won harrassment case against ‘bullying bank’ – Daily Telegraph

“A woman has won a case of harassment against her bank after she was plagued by more than 500 calls for missing a single loan payment.”

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Daily Telegraph, 8th July 2013

Source: www.telegraph.co.uk

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Menelaou v Bank of Cyprus UK Ltd – WLR Daily

Posted July 5th, 2013 in appeals, banking, debts, law reports, restitution, substitution by sally

Menelaou v Bank of Cyprus UK Ltd: [2013] EWCA Civ 1960;   [2013] WLR (D)  266

“A bank which had released its charges over property in exchange for a new charge over property purchased from the proceeds of sale of the other property was entitled by subrogation to an unpaid vendor’s lien on the new property.”

WLR Daily, 2nd July 2013

Source: www.iclr.co.uk

Whistleblowers: Is a change in the law enough to protect them – and us? – The Independent

Posted July 4th, 2013 in banking, health, news, public interest, reports, whistleblowers by sally

“As a lawyer acting for whistleblowers, I have been struck by the common message emerging from the public inquiries into scandals across very different sectors.”

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The Independent, 3rd July 2013

Source: www.independent.co.uk

Banks obliged to cancel recurring payments – The Guardian

“Banks will be required to cancel continuous payments often used by gyms and payday lenders when asked to do so by customers, following an investigation by the Financial Conduct Authority (FCA).”

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The Guardian, 28th June 2013

Source: www.guardian.co.uk

Bank Mellat: Closed Material Procedures and FOIA – Panopticon

“Last week, the Supreme Court gave judgment in Bank Mellat v Her Majesty’s Treasury (no.1) [2013] UKSC 38. The Bank Mellat case involved financial restrictions imposed by HMT on the Bank under the Counter-Terrorism Act 2008 (“the 2008 Act”), on the basis that it enabled funding for Iran’s nuclear weapons programme. The High Court and Court of Appeal had both adopted a closed material procedure (“CMP”) – i.e. a procedure in which the court sits in private, and hears evidence and/or submissions without one party either being present or seeing the material – in order to consider sensitive material adduced by HMT which could not be disclosed to the Bank. They had specific statutory authority to do so under the 2008 Act. The Supreme Court did not have such authority. The relevant questions were whether it was possible for the Supreme Court to adopt a CMP on appeal, in the absence of specific statutory provision; and if so, whether it was appropriate to do so in that particular case. The Supreme Court was faced with the difficulty of reconciling two strong but opposing interests. On the one hand, it was important that the Court should be able to see and consider any relevant material before the High Court and Court of Appeal. On the other, the Supreme Court itself in Al Rawi v Security Service [2012] 1 AC 531 had uncompromisingly set its face against any derogation from the open justice principle. The Supreme Court was divided; but the majority considered that the Court had implied authority to adopt a CMP under its powers conferred by the Constitutional Reform Act 2005, where the lower courts had themselves used a CMP. Nevertheless, the Court was uncomfortable about doing so, and expressed that discomfort in strong terms.”

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Panopticon, 25th June 2013

Source: www.panopticonblog.com

Watchdog wants new code of conduct for UK bankers – Daily Telegraph

Posted June 25th, 2013 in banking, codes of practice, news, professional conduct by sally

“Bankers should be subject to a new code of conduct overseen by a body similar to the General Medical Council, a consumer watchdog has claimed.”

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Daily Telegraph, 25th June 2013

Source: www.telegraph.co.uk

Bank Mellat v HM Treasury (Liberty intervening) (Nos 1 and 2) – WLR Daily

Bank Mellat v HM Treasury (Liberty intervening) (Nos 1 and 2) [2013] UKSC 38; [2013] UKSC 39; [2013] WLR (D) 244

“The Supreme Court had jurisdiction to entertain a closed material procedure on an appeal from decisions of the courts of England and Wales on applications brought under section 63 of the Counter-Terrorism Act 2008. On very rare occasions it would be appropriate for the court to go into closed session for that purpose and in the circumstances of the present appeal it would do so.”

WLR Daily, 19th June 2013

Source: www.iclr.co.uk

An ABC on proportionality – with Bank Mellat as our primer – UK Human Rights Blog

Posted June 24th, 2013 in banking, EC law, human rights, Iran, news, proportionality, Supreme Court by sally

“My post of earlier this week explained why the majority of the Supreme Court struck down a direction telling all financial institutions not to deal with this Iranian Bank. The legal ground (involving, as Lord Sumption described it, ‘an exacting analysis of the factual evidence in defence of the measure’ [20]) was that the direction was ‘disproportionate’. The judgments (particularly the dissenting one of Lord Reed) tell us a lot about the scope of proportionality. And there is a good deal more to it than there might at first sight appear.”

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UK Human Rights Blog, 22nd June 2013

Source: www.ukhumanrightsblog.com

Bank Mellat (Appellant) v Her Majesty’s Treasury (Respondent) (1); Bank Mellat (Appellant) v Her Majesty’s Treasury (Respondent) (2) – Supreme Court

Posted June 20th, 2013 in appeals, banking, closed material, evidence, law reports, Supreme Court, terrorism by sally

Bank Mellat (Appellant) v Her Majesty’s Treasury (Respondent) (1); Bank Mellat (Appellant) v Her Majesty’s Treasury (Respondent) (2) UKSC 2011/0040 (YouTube)

Supreme Court, 19th June 2013

Source: www.youtube.com/user/UKSupremeCourt

Supreme Court – Measures against Iranian bank unlawful, and the secret hearing ruling – UK Human Rights Blog

“Two sets of judgments today from a 9-judge Supreme Court in the Bank Mellat case. The first explains why the Court adopted a secret procedure in the absence of the Bank (i.e. a Closed Material Procedure) but added that the whole palaver in fact added nothing to their knowledge. The second concludes that financial restrictions imposed in 2009 on an Iranian Bank which effectively excluded it from the UK financial market were arbitrary and irrational and were also procedurally unfair.”

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UK Human Rights Blog, 19th June 2013

Source: www.ukhumanrightsblog.com

Supreme court quashes Iran bank sanctions and criticises secret hearings – The Guardian

Posted June 19th, 2013 in banking, closed material, Iran, news, nuclear weapons, private hearings, sanctions by sally

“The government’s enthusiasm for secret courts has been set back after the UK’s most senior judges quashed anti-terrorist sanctions imposed on an Iranian bank and dismissed the intelligence involved as insignificant.”

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The Guardian, 19th June 2013

Source: www.guardian.co.uk

FSA win highlights role of judicial review as remedy of last resort, says expert – OUT-LAW.com

Posted June 19th, 2013 in banking, financial services ombudsman, fines, judicial review, news by sally

“The former finance director of Bradford & Bingley has failed in his attempt to have the courts overturn a £100,000 fine issued by the financial services regulator.”

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OUT-LAW.com, 18th June 2013

Source: www.out-law.com